The forthcoming on-site auction of the NAB building located at the intersection of Chapel Street and Toorak Road, South Yarra is set to be the most highly anticipated auction in Melbourne this year.
The auction campaign for the flagship retail building is anticipating interest in excess of $15 million+ and is being managed exclusively by Colliers selling agents Matt Stagg, Tim McIntosh, Daniel Wolman and Leon Ma.
The intersection of Chapel Street and Toorak Road in the affluent and bustling suburb of South Yarra sees the junction of two of Melbourne’s best retail high streets. The luxury retail and dining precinct is dominated by flagship retail stores including; Country Road, Dior, Calibre, Gant, Saba and complemented by well-known trendy restaurants and longstanding institutions such as The Olsen, OMNIA, Fance-Soir, Misschu and Pacific House.
Matt Stagg said “Flagship buildings of this nature in iconic locations are prized investments by virtue of their irreplaceable location and resilience over decades and in all market cycles.”
“Stand proudly at one of busiest pedestrian and vehicular intersections in Melbourne, it is a location that is known by everyone and likely to be a highly talked about campaign.”
The retail investment opportunity comprises a freestanding two-level building that has been a flagship bank branch for NAB dating back to 1951. NAB recently commenced a new 5-year term at the beginning of the year following a major refurbishment costing approximately $1.5 million.
Tim McIntosh said “The landmark retail investment is one of NAB’s longest standing high street branches, we have however already experienced significant interest from international and national luxury retailers who have expressed keen interest to establish a Melbourne flagship store at this unrepeatbale location.”
“We are extremely excited to see what the future may hold for this trophy retail investment.” McIntosh said.
The auction campaign will be taking place on-site at 1pm on Thursday 15 September.
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